Flash
Adobe should refocus their iPhone-deployment goal on the future of Flash:
Establish Flash (the tool) as the premier tool for creating rich HTML5 content, the same way Photoshop is the premier tool for image manipulation and Illustrator is the premier tool for vector drawing. Adobe is in the tools business, first and foremost.
Make Flash (the tool) cross-compile between Flash Player binaries and HTML5/Javascript. Then use Flash Player as a legacy compatibility layer for browsers that don’t fully support the necessary standards, including Internet Explorer and Firefox.
Of course, I expect this to happen right after Apple allows iPhones to install apps from outside of the App Store. So… never. But it’s nice to wish.